Alumbrera Mine

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Alumbrera Mine is the biggest mine in Argentina. It is an open pit copper and gold mine in the northwestern province of Catamarca in the foothills of the Andes Mountains at an elevation of 2,600 m.

The copper and gold veins of the area have been known since the 19th century and have been studied with increasing intensity since 1950. Mining began in 1995. Alumbrera's mining rights are limited to a 2,000 meter by 3,000 meter rectangle (600 hectares in size) approximately centered on the open pit mine. This area is slightly larger than the ultimate pit rim dimensions.

In 2004 the mine life was extended by 2.5 years, ensuring gold production until mid-2015. A continuing ore delineation drilling program, undertaken within the existing ore envelope and for extensions at depth, has confirmed in excess of 80 million tonnes of additional ore reserves.

Following reoptimization of the mine plan, a new geological model and improved metal prices ($350 per ounce of gold and 90 cents per pound of copper), and cost improvements have increased reserves by an additional 350,000 tonnes of copper and 1.2 million ounces of gold. The additional ore was found predominantly in the northwestern and northern domains of the pit, both inside and outside previous pit limits.

In 2005, Alumbrera announced that mineral reserves have increased by more than 10% to 390 million tonnes grading 0.47% Cu and 0.51 g/t Au. The measured and indicated resources stand at 420 million tonnes grading 0.47% Cu and 0.50 g/t Au. The reserve addition equates to an additional 500,000 ounces of gold and 375 million pounds of contained copper over the life of the mine.